Agriculture News
USDA reported wheat inspections of 419,134 MT for week ended July 6, topping pre-report estimates, while corn inspections missed the respective range by nearly 160,000 MT.
Two-sided trade was seen in grain markets overnight, but prices have turned firmer with the exception of SRW wheat.
Soybean basis dropped sharply amid the surge in futures, but the average cash price still rose sharply.
Expectations for the future jumped, while current conditions were unchanged.
Corn and winter wheat futures are likely to open lower, with soybeans expected to favor the upside.
Forecasts call for multiple rain chances for the Plains and Midwest into mid-July, with central and southern areas expected to be the wettest.
Soybean and spring wheat CCI ratings continue to drop.
Soybeans extended Friday’s strong gains but came well off the highs into the close. Corn and wheat failed to maintain earlier corrective gains.
The soybean markets continues to react to last Friday’s bullish Acreage Report.
Soybean futures aggressively extended Friday’s price rally during overnight trade. Corn followed to the upside, while wheat traded mixed.